I'm a big fan of the 5-50 unit space, because you don't get competition from many of the institutional investors.4.

All the equity sources that I know of are institutional sources that invest in REIT level deals and are WAY to large to ever take an interest in my middle market $3 to 6 million deal.

Then both institutional investors and everyday investors (you and me) buy them as part of our portfolio of stocks. 

I hope to get institutional financing from Fannie or Freddie.

Hi all. Rookie investor looking into the process for refinancing and possibly doing a BRRR deal in San Antonio. I've bought an SFR with HML and it is currently being remodelled. I'd like to rent and refinance it .  Th...

Lots to be figured out, but I suspect you will either need to have no loan, a relationship with the lender (private, HML, unique relationship with lending institute, etc), or a specialized loan created for the SB9 situation (these specialized loans have worse terms than F/f loans).  

There are only a few institutions in the country that offer non-recourse loans.

In talking with the lenders Commercial Loan Manager, the SNAFU in the process was that they used the same underwriter as an institution I was in-process with at the beginning of 2019, but pulled the plug on due to lack of progress and disagreement on the terms. 

To help make a decision and consider some of the factors affecting the markets in the setting of covid 19 you might want to check out these free resources: 2021 Marcus Millichap Multifamily Investment ForecastMilken Institute Best-Performing-Cities-2021IRR 2021 Annual Multifamily

That or maybe you need to shop financial institutions?